Treasury chief dismisses reviews on BoE structure

Treasury committee chairman Andrew Tyrie said the reviews was far short of what was needed and one comprehensive review should have taken place.

"The fact that it took so long to obtain even these reports illustrates the bank's defective governance," he said.

The reviews said the BoE's governance structure is damaging its effectiveness and its "vulnerable" forecasting processes lack detail and have become "noticeably worse" since the financial crisis.

BoE governor Mervyn King and deputy governors Charlie Bean and Paul Tucker said: "We are starting programmes of work to evaluate the recommendations and to plan changes."

The bank's executive will respond to the recommendations made in the reports early next year.

In the first independent review, Ian Plenderleith, a former BoE official, said there had been a greater focus on systemic risks in the run-up to the financial crisis rather than on the vulnerability of individual banks.

Meantime, Bill Winters, who sat on the independent commission on banking, questioned the "robustness" of internal BoE governance.

The final report by former statistics chief at the US Federal Reserve said the events of the last five years had revealed "vulnerabilities." He he also called for greater transparency.